Landmark Society's Preservation Awards

The Louisiana Landmark Society will present preservation awards for fifteen projects that were completed in 2022 in New Orleans. The ceremony will take place May 24th at the Marigny Opera House that will be receiving its own award. The awards are from projects that are located all around Orleans Parish in Uptown, the Central Business District, Algiers and New Orleans East.

“The award-winning projects have never been more diverse, representing the very best in historic preservation. Our city’s unique architectural landscape is a valuable, economic asset. These projects invest in our city making it richer in so many ways,” says Rene Fransen, president of the Louisiana Landmark Society.

Among the projects there will be a special award given to the historic masonry restorations done by Theodore Pierre and his students. They restored the tombs at Lafayette No. 2 Cemetery on Washington Ave. Students were able to use their skills of masonry, plastering, stone cutting and ironwork.

Other projects that will be awarded include:

Maison du KREWE at 619 Royal Street will be given an award. The home was built in 1795 for Zachary Taylor. The building is special because it is one of the most famous Creole buildings in the French Quarter. The project consisted of renovations that used both historical details and modern updates.

A Greek Revival townhouse at 937 Dumaine Street that was built in 1837. The project consisted of renovation of the stairs and balconies, doors and decorative hardware and installing pavers in the courtyard.

A 1910 Edwardian-style building at 2340 Dauphine Street. This building was originally the R.V. DeGruy Pharmacy and was found deteriorated before it was revitalized. The project was funded by federal and state tax incentive programs.

Martin Behrman Elementary, now known as Rose Mary Loving School, is located at 715 Opelousas Avenue and was built in 1937. The team restored the bell tower, terra cotta halls and the auditorium.

An Art-Deco-inspired auditorium located at 3820 St. Claude Avenue known as Frederick J Douglass School Auditorium. This building was closed down after Katrina and is now back to life with its original features shining. These include the ceiling, balcony and stage which is now accessible and air conditioned.

The HighRise NOLA Apartments at 632 Chef Menteur Highway which was originally a hotel. The apartment complex is eight stories and is known for its graffiti art. The apartments now serve as affordable housing and middle class housing.

The Ironworks located at 315 Girod Street is now a warehouse that was built as a storehouse in 1850. It is an example of Greek Revival style that was also a factory in the early 1900’s. The building has been renovated into a fifteen unit apartment building that also holds a hotel license and has a coffee house on the ground floor.

Formerly Lafayette School which is now Leah L. Chase School is located at 2727 Carrollton Avenue. The project included 33 classrooms, activity rooms, library, kitchen and cafeteria which was modernized. The project also included masonry repair and weatherproofing.

Lycée Français de la Nouvelle-Orléans which was also known as the Priestly School is located at 1601 Leonidas Street. The old school building and gymnasium was renovated and an additional 8,700 square feet was added.

As mentioned earlier, Marigny Opera House located at 725 St. Ferdinand Street was formerly Holy Trinity Catholic Church. The building was built in 1853 and renovations included repairs to the stucco masonry shell, installation of a standing seam metal roof, installation of photovoltaic array, restoration of the bell tower and cupola roof and restoration of the stained glass windows.

There are several others including the Eleanor McMain Secondary School Auditorium located at 5712 Claiborne Avenue, Bivian Lee Jr. Center at Son of a Saint located at 2803 St. Phillip Street,Thirty60 Lots at 3060 Dauphine Street, The Old School Apartments at 2515 Robertson Street and Orleans Parish School Facilities Master Plan. Tickets to the event can be purchased online at louisianalandmarks.org for $75.

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April Sees Drops in Mortgage Rates

 Freddie Mac released data showing that mortgage rates dropped for the fifth week in a row mid April. Homebuyers are out there taking advantage of the rates that are close to 6% and the slowdown in inflation. As of April 13, 2023 the 30-year fixed-rate mortgage was around 6.27% which is down from the week before at 6.28%. This is still not as good as the rates in April 2022 which were on average 5%.

“Incoming data suggest inflation remains well above the desired level but showing signs of deceleration. These trends, coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer,” says Freddie Mac’s chief economist, Sam Khater.

The economy is also seeing an ease off of inflation which also helps with mortgage rates. According to the March Consumer Price Index there is still wiggle room for what professionals concluded.

“On the one hand, the fact that inflation is still running at more than twice the target level, and core inflation – which includes goods and services, excluding volatile food and energy – saw an uptick to 5.6% in March, highlights that the Fed still has more to do and may need to lift short-term rates again at its early May meeting. On the other hand, overall inflation slowed more notably, and even core inflation on a month-to-month basis eased somewhat, a sign that the Fed’s tightening is having the desired effect. Even if the Fed needs to raise short-term rates a bit higher, we are very likely nearing the end of the tightening cycle,” explained Danielle Hale, from Realtor.com.

Those that were on the brink of buying are now jumping at the opportunity. There has been an influx in applications to purchase a home according to Bob Broeksmit, MBA President and CEO. As long as the mortgage rates hold or dip lower, the buyers will come.

“Despite the huge shifts in market momentum, home sellers can count on the usual seasonal trends tipping the scales a bit further in their favor while home shoppers should expect a fair amount of competition that should ease as we move later into the year,” Hale says.

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A Historical Restoration for Sale in New Orleans

 The historic Pythian Building located in New Orleans will be up for sale soon. Dr. Erik George, who bought out his partners, has given notice to tenants that they will shift to month-to-month renewals during the sale of the building. The building, located at the intersection of Loyola Avenue and Gravier Street is 115 years old. The building underwent extensive renovations costing around $46 million in 2018.

The future of the building will be in limbo until it is sold to the new owners. The McEnery Company who is listing the building says that the listing describes the property as a  “zoning-advantaged property is uniquely well positioned for a variety of repositioning scenarios, including hotel/STR.” Current residents in the building are surprised at the potential sale of the building.

“I am shocked. Nobody told us about it. But if it happens it happens, I just have to hope for the best,” said Dorotha Smith-Simmons who is a residential tenant.

Dr. George did explain, “As we work with a real estate broker to chart a path forward for the building, we continue to engage with the City and stakeholders to find a way to honor the affordable housing vision for the property.”

In 2018 when the building was renovated, it was a catalyst to building historic buildings in the area back to life. The building is in the perfect location, close to City Hall and on the edge of the Central Business District. The renovation made the building into a modern day retail, food-service, office and apartment units.

The affordable housing was set aside for twenty of the residential units which were one, two, and three bedroom units. The extensive renovations cost a lot of money and the developers, two separate developers, sued each other. Then the pandemic caused the food hall and event space to become a financial burden. The food hall tenant was evicted due to failure to pay over $2.5 million in back rent.

The 125,000 square foot structure is a perfect historical piece of New Orleans and will probably sell pretty quickly. In fact, there are several potential buyers that show interest already.

“It’s plug and play. All it really needs is a new management and rebranding and I think all that can be taken care of in pretty short order,” McEnery explains.

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